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1/04/23
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The Lakes, a 174k sf, Class A office campus in the city of West Covina, is now 92.5% leased following the recent completion of a five-year 13k sf expansion and renewal with Wells Fargo. Wells Fargo has been a tenant at The Lakes since 1992.
Located at 1000 and 1050 Lakes Drive, The Lakes is owned by Waterford Property Company and funds managed by Oaktree Capital Management, L.P., who acquired the property in 2020. Waterford then embarked on a repositioning of The Lakes by enhancing common areas while investing capital into move-in ready spec suites. During the COVID shutdowns, Waterford pivoted and began focusing on leasing space within the campus to medical office tenants.
Taylor Ing with Newmark is the listing broker for the property. According to Ing, offering move-in ready suites with flexible term and uses has been a differentiator in this submarket. The property is now at the highest occupancy since 2007.
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